Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Is a 401(k) retirement plan that way to go? Are you an individual or business? If you're an individual and your contributions will not exceed the contribution limits of traditional IRA, you can save yourself a lot of hassle by using it. But if you're a business using a 401(k) as a benefit of employment to attract recruits and retain employees, then a 401(k) may be the way to go. If you open a 401(k) get ready for the administration paper work, admin items, compliance reviews, etc. It can be worth the hassle, but do your due diligence first.
Opening a 401(k) Retirement Plan is something which your Human Resource department needs to assist with through your employer. Before you can open one, you have to be working, and working enough hours to qualify for participation in the 401(k).
There should be a Representative who the HR department can contact who can answer specific question about your available plan.
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There should be a Representative who the HR department can contact who can answer specific question about your available plan.